November CLO volume brings YTD issuance in record range
The $12.9 billion in collateralized loan obligations issued last month brings the 11-month total to $108 billion, just shy of the 2014 record of $124 billion.
By
Glen Fest
Europe
Volkswagen raises another €2B in eurobond market
The German automaker continues to reduce its reliance on asset-backed financing as fallout from an emissions scandal fades.
Another batch of RPLs from Spanish rescue fund winds up in Euro RMBS
The €173.3 million deal is backed by loans originated by the former Catalunya Banc, which were purchased at discount by the Blackstone Group in 2014.
By
Glen Fest
Carlyle advances third Euro CLO amid tight spreads
Carlyle Euro CLO 2017-3 is the latest under its new shelf managed by affiliate CELF Advisors, with a AAA coupon of just 75 basis points over three-month Euribor.
By
Glen Fest
Fortress plans €769.9M deal backed by UniCredit NPLs
Fino 1 is backed by collections on more than €5.34 billion in bad loans originated by the Italian banking giant. Most were issued between 2010-2017.
By
Glen Fest
UK’s Close Bros. embarks on second auto-lease securitization
The €309 million Orbita Funding 2017-1 plc follows a 2016 transaction by the venerable British bank.
By
Glen Fest
Deutsche launches German RMBS with initial €2.5B portfolio
Collateral for the deal, which is structured as a master trust, can reach €30B of loans originated by the bank's building-savings affiliate, its retail operations and its private-bank unit.
By
Glen Fest
Santander marketing €850m German consumer-loan ABS
The Spanish bank's German retail lending unit is securitizing a fifth pool of mostly unsecured personal loans from an €83.5 billion portfolio.
By
Glen Fest
CLO Roundup: Minimal impact seen from TransDigm loan repricing
The aerospace components manufacturer, one of the largest-held obligors in U.S. CLOs, is consolidating loans and tightening coupon spreads from 300 to 275 basis points over Libor.
By
Glen Fest
Brisk October sees CLO spreads tighten despite near-record issuance
Deal volume of $95 billion through 10 months is at a pace that would make 2017 the second-busiest year for post-crisis CLO issuance; AAA spreads, meanwhile, have reached three-year tights.
By
Glen Fest
Oaktree unit securitizing €542.4M in non-performing Irish mortgages
The loans are part of a €1.8 billion bad-loan purchase that Mars Capital, an Oaktree "vulture fund," made of high-risk mortgages from Irish banking authorities in 2014.
By
Glen Fest
Rabobank’s DLL readies debut equipment lease securitization
The deal, DLL Securitization Trust 2017-A, is unusual in that it is backed almost entirely by agricultural equipment; other lessors such as CNH and John Deere securitize a mix of agricultural and construction equipment.
PCL readies as-yet unsized premium finance securitization
In addition to insurance premiums, borrowers in the pool use the loans for annual membership fees of sport or leisure facilities or professional bodies.
U.S. fintech industry jealously eyes U.K. regulatory scheme
British regulators are touting the success of their so-called regulatory sandbox. Their American counterparts have been unable to agree on a comprehensive scheme to foster innovation.
Volkswagen preps another €1.25B German auto lease ABS
Over 80% of the cars are diesel-engine vehicles, bringing potential volatility to the portfolio cash flows given the public debate over potential panning such cars in several European urban centers.
By
Glen Fest
European CLOs asking investors for more time
A wave of corporate loan refinancings is putting collateralized loan obligations afoul of a covenant designed to safeguard their own investors.
By
Glen Fest
Fledgling UK mortgage lender launches debut securitization
Belmont Green Finance, which began originating loans in late 2016, has gathered up its first round of originations through 3Q2017 in a transaction that will issue up to £230.6 million in notes.
By
Glen Fest
Socram Banque returns with €486.5M French auto loan ABS
The French specialty lender, owned by a consortium of mutual insurers, is pooling over 54,000 loans it originated and services for clients of its shareholders.
By
Glen Fest
Partners Group (UK) plans third CLO in €413m deal
Penta CLO 3 is the first CLO since 2015 for the UK subsidiary of Swiss global asset management Partners Group Holdings AG.
By
Glen Fest
Agos Ducato marketing €895m in consumer-loan backed bonds
The deal, Sunrise SPV 20 S.r.l., is collateralized by more than 120,000 auto, furniture and personal loans originated by the Italian lender.
By
Glen Fest
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